Problem:
Calculate fast of goods sold and ending inventory and analyze effect of each method on financial statements. Jefferson Company had the following sales and purchases during 2011, its first year of business:
- January 5 Purchased 40 units at $100 each
- February 15 Sold 15 units at $150 each
- April 10 Sold 10 units at $150 each
- June 30 Purchased 30 units at $105 each
- August 15 Sold 25 units at $150 each
- November 28 Purchased 30 units at $110 each
Note: Please provide full description.